Jurisdictions news

17.01.2020 Record number of anti-money laundering penalties

In 2019 there were 58 anti-money laundering (AML) penalties totaling $8.14bn, representing double the amount, and nearly double the value, of penalties handed out in 2018 in the world.

15.01.2020 Case of Metkombank

On October 31, 2011, a loan agreement was concluded between PJSC Metkombank and E3 OCM-Asset LLC, and in 2014 the Metkombank was notified of the conclusion of the assignment agreement between the LLC and the defendant, WINTERLUX LIMITED (Company), a company registered in Cyprus.

14.01.2020 Panama approves bill on beneficial owner register

On December 19, the Panama Legislative Assembly approved a bill introducing the Register of Beneficial Owners of Companies (Bill No. 169).

27.12.2019 Mandatory exchange of information in cross-border arrangements

On July 1, 2020 the EU Council Directive 2018/822 comes into force.

25.12.2019 Bermuda publishes new economic substance laws

On 24 December 2019, the Bermuda Minister of Finance released changes to Bermuda’s economic substance laws and related guidance, including the Economic Substance Amendment (No. 2) Act 2019 (“ESA”), the Economic Substance Amendment (No. 3) Regulations 2019 (“Regulations”), and the final version of the General Principles Guidance Notes (“Guidance Notes”).

18.12.2019 Offshore Companies Disclosure Bill

A bill was submitted to the State Duma introducing the requirement of mandatory disclosure of information about the founders (participants) and beneficiaries of offshore companies when registering with the Unified State Register of Legal Entities (initiated by deputies G. Zyuganov and others).

16.12.2019 Switzerland Redrafts Double Tax Treaty Law

The Swiss Government has released new legislation governing Switzerland's application of provisions in its network of double tax agreements.

09.12.2019 International corporations have been asked to disclose information about taxes paid in different countries

International corporations may begin to publish in open sources data on taxes paid in each country.

06.12.2019 Changes in Structure of the Group ABLV Bank, AS

There were changes in the structure of the Group of ABLV Bank, AS in liquidation in early December 2019.

05.12.2019 Tax-free regime in St. Vincent comes to the end

After June 30, 2021, international commercial companies (IBCs) registered in St. Vincent will automatically be recognized simply as commercial companies (BCs) and will be taxed at a rate of 30% of all global income (received in St. Vincent and outside the jurisdiction).

04.12.2019 France adds Seychelles to blacklist of tax heavens

France has added Seychelles to its tax-haven blacklist because the island state did not provide full information about some French offshore entities acting on Seychelles.

03.10.2019 New rules of tax residency in Russia

The Ministry of Finance of the Russian Federation has suggested to strict rules of tax residency in its Draft Law of National budget on 2020-2022.

01.10.2019 Negative rates in foreign currency deposits in the Russian Federation

Central Bank of Russia got an offer to introduce negative rates on foreign currency deposits from Russian banks.

25.09.2019 Ukrainian authorities reduce pressure on business

On September 18^th, 2019, the Verkhovna Rada of Ukraine adopted the law “On Amending the Criminal Code of Ukraine and the Criminal Procedure Code, regarding the reduction of pressure on business”.

24.09.2019 Dutch tax plans for 2020

On September 17^th, 2019, a draft tax amendment for 2020 was introduced to the House of Representatives of the Netherlands.

12.09.2019 Ukraine ratifies the FATCA

On September 6^th, 2019, the Cabinet of Ministers of Ukraine approved a bill ratifying the FATCA (Foreign Account Tax Compliance Act) agreement between Ukraine and the United States.

11.09.2019 Taxes can be paid with a foreign bank card in Russia

On September 6^th, 2019, the Federal Tax Agency of Russia on its official website launched a service called “Payment of taxes by a foreign bank card”.

04.09.2019 Sweden plans to introduce a tax for banks on defense against the Russian Federation
The Swedish government plans to introduce a new tax in the financial industry in order to increase defense spending to counter Russia's buildup of military power in the Baltic Sea. This was announced by Minister Magdalena Anderson in the interview with Bloomberg.

03.09.2019 Deripaska is not an oligarch?
On September 2nd, 2019 Oleg Deripaska’s lawyer, Eric Ferrari, has filed a new petition with the District of Columbia District Court to declare the inclusion of Deripaska in the sanctions list illegal, explaining why his client is not an oligarch. Thus, the billionaire does not abandon attempts to get out of the personal sanctions of the United States Treasury.

02.09.2019 Luxembourg extended the registration terms of beneficiaries register

On August 29^th, 2019 on the official website of the Luxembourg Register of Beneficiaries it was announced the extension of the deadline for filing registration applications

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